Managing Director of Petropars Company Mohammad Javad Shams said Sunday cooperation with Venezuela in oil projects, which declined due to sanctions, will be resumed in the near future. Nonetheless, this state has established stricter rules, making it more challenging to undertake projects in this oil-rich country.
“As Venezuela is grappling with serious financial problems, development their projects should be economically viable enough to convince them to rely on us,” the official said, Shana reported.
On the critical issue of financing, Shams reiterated, “Our company is capable of funding Venezuelan megaprojects. However, the Oil Ministry is expected to not only support us but also keep Petropars in the confirmed vendors’ list.”
According to the managing director, sanctions’ removal will facilitate procurement of much-needed equipment, paving the way to carry out more projects in other states.
Welcoming the presence of foreign enterprises in developing Iranian oil projects, the official added, “We are confident enough to compete with foreign brands due to the fact that South Pars Phase 12 was completed by our personnel under international sanctions. Furthermore, phase 19 has made 85% progress and its first refining unit will become operational by autumn.”
